India to provide $500mn line of credit to Myanmar

Nay Pyi Taw: India on Monday announced that it will provide a $500 million line of credit to Myanmar as the two countries signed 12 agreements on a range of sectors, including air services. This would mark the beginning of a "new journey" of bilateral cooperation.

On the first visit by an Indian Prime Minister to Myanmar in the quarter of a century, Dr Manmohan Singh held "broad-ranging" discussions with Myanmar President Thein Sein on a road map for bilateral cooperation and said that New Delhi was committed to Myanmar's economic development.

A Memorandum of Understanding (MoU) for India's 500 million dollar credit line was signed between Export-Import Bank of India and Myanmar Foreign Trade Bank. The line of credit was agreed upon in October last year when the Myanmar President had visited New Delhi.
The two countries also signed an air services agreement and an MoU on the establishment of a joint trade and investment forum and setting up of border trade centres across the border of India and Myanmar.

Dr Singh told Thein Sein that connectivity remains a major thrust area in India-Myanmar relations while capacity-building in Myanmar was a major priority for India's development assistance to this country. India pledged to double the training slots of Myanmarese personnel in India.

"We have embarked on a new journey of bilateral cooperation", Dr Singh told Thein Sein. "We are committed to strengthening our economic and development partnership", he added.

Manmohan Singh told President Sein that India was ready to share with Myanmar its experience of Parliamentary democracy and "we wish you all success in your nation-building efforts and changes you are bringing about," according to MEA spokesman Syed Akbaruddin.